Real Estate Scenario in Nashik
The joy of buying a new home is priceless, especially with skyrocketing prices and the demand for real estate increasing by the day. However, as exhilarating as the purchase is, the process is equally daunting. Right from own payments, loans, registration agreements, there are several factors to consider when purchasing a property. Once all of these are swept under the rug and you finally get possession, there stands the requirement for Stamp Duty and Registration under your name.
Don’t get all flustered, we’re going to cover the basics you need to know about charges for Stamp Duty and Registration along with steps on online payment.
The Maharashtra Stamp Act & Stamp Duty in Mumbai
Stamp Duty registration is a tax levied by state governments to property holders inclusive of commercial and residential spaces. The Maharashtra Stamp Duty act passed in 1958 makes it mandatory for all property holders to register their names in local municipal records for legal possession of the property. The current stamp duty on property is charged at a rate of 5% in Mumbai and 6% in the rest of the State. However, W.E.F. March 2021, a special rebate of 1% applies to female owners. Hence, any property transferred in a woman’s name is eligible to pay only 4% stamp duty. This does not apply to joint owners of the property.
Registration charges for properties in Maharashtra are charged at 1% if the value is below Rs. 30 lakhs or it’s charged at Rs. 30,000 for properties exceeding Rs. 30 lakhs.
There are a few factors that also determine payment of Stamp Duty:
- Commercial and residential property types have different stamp duty rates
- Market value and area of the property are considered to calculate stamp duty
- Urban areas are charged a higher stamp duty whereas rural properties are charged lower rates.
Payment of Stamp Duty in Mumbai
To make the process easier for homeowners, payment and registration for Stamp Duty can be done through an online process. With a few simple clicks, one can easily pay through the e-stamp facility.
To make your e-payment, follow the below steps:
- Visit the Maharashtra Stamp and Registration Department website.
- The website allows you to either register on the website and pays or even pay without registration. Select ‘Citizen’ under ‘Type of User’, and then click on ‘Make Payment to Register your Document’. The website allows you two options, either you pay only stamp duty or stamp duty and registration fees together.
- Fill in the necessary details requested such as District, kind of document, property details, etc.
- Once you have filled in all required details, choose your payment gateway to make the payment online or across any banks via cash/cheque.
Voila! It’s all done! With the simplified online procedure, the government has made the payment of Stamp Duty and Registration hassle-free. A buyer can also request a refund on Stamp Duty under special circumstances such as incomplete documents, unsigned papers, etc.